U.S. small business borrowing slows in February

WASHINGTON (Reuters) - U.S. small businesses borrowing hit a five month low in February, in the latest indication of slower economic growth in the first quarter after an unusually harsh winter.

The Thomson Reuters/PayNet Small Business Lending Index, which measures the volume of financing to small companies, fell to 110.5 in February from a reading of 116.5 in January, PayNet said on Tuesday. That was the lowest level since last September.

The index continues to retreat from a near seven-year high touched in December. Still, it was 5 percent higher than it was in February 2013, an indication of underlying strength.